Inventions have been ushered into the world from time to time, in fact ever since the introduction of the Cobb-Douglas production function in 1928 by Cobb–Douglas. Since then, experts have defined productivity several times over. Today, it raises numerous problems of definition and measurement. This concept may be either total factor productivity or partial factor productivity. Total factor productivity compares the total output to a weighted composition of inputs, usually capital and labor. Whatever the concept may be, to study the behavior of an industry or enterprise, it is essential to make a scientific appraisal of the trends in productivity efficiency, with which resources are converted into goods and services. In the light of these developments, this book addresses the issue of productivity and attempts to identify economic theories applicable to various productivity-related issues. These include identification of the form of evidence against which the prediction of such issues can be tested, the results of tests carried out and the conclusions and recommendations that have a bearing on policy formulation can be drawn. Literature is rich in findings that productivity and its relation with other variables is critical for taking appropriate decisions. This volume is sure to stimulate further research on this subject from the academia, particularly in developing countries.
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